Lisin, ranked Russia's richest man by Forbes magazine, is holding talks with state-controlled transport monopoly Russian Railways, the owner of the operator, which runs 21 percent of all Russian freight cars and is valued at $5 billion.
A source in the metals industry said NLMK, Russia's fourth-largest steel maker, is not involved in the talks.
Russian Railways and NLMK declined comment.
Vadim Mikhailov, senior vice president of RZhD, earlier said RZhD was considering two options -- selling 50 percent of First Freight Co in an initial public offering, or selling 25 percent through an IPO and another 25 percent to a strategic investor.
First Freight Co Director General Salman Babayev had valued the company at $5 billion, and Lisin may have to pay more than $1 billion for the 25 percent stake based on this valuation.
Russian Railways plans to list First Freight Co on a stock exchange in 2011, a source close to the state railway monopoly said.